The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Whiston have the right to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Whiston lease extension. Postponing the costs now simply increases the premium you will eventually have to pay to extend the lease.
Leasehold residencies in Whiston with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Regardless of whether you are a tenant or a freeholder in Whiston,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Whiston valuers.
Subsequent to unsuccessful discussions with the landlord of her ground floor apartment in Whiston, Naomi initiated the lease extension process just as her lease was coming close to the all-important 80-year deadline. The lease extension was concluded in July 2008. The landlord’s costs were kept to an absolute minimum.
Dr C Hill bought a one bedroom flat in Whiston in June 2007. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparative flats in Whiston with an extended lease were in the region of £265,000. The average ground rent payable was £50 invoiced every twelve months. The lease expired in 2099. Considering the 73 years outstanding we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.
Mr Edward François took over the lease of a first floor flat in Whiston in September 2000. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Comparable properties in Whiston with a long lease were valued about £264,000. The average amount of ground rent was £60 invoiced yearly. The lease expired on 20 February 2079. Having 53 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 plus legals.